Maximizing the income of your self-storage rental involves strategic thinking and exploring innovative avenues. Internal audits can help identify areas for improvement and ensure your operations are optimized. Here are ten effective ways to generate additional revenue for your self-storage business this year.
1. Conduct Internal Audits
Regular internal audits are crucial to identify inefficiencies and uncover new revenue opportunities. By thoroughly reviewing your operations, pricing strategies, and customer feedback, you can make data-driven decisions to enhance profitability. Learn how the SBOA Internal Audit Program can help you with this, here.
2. Renting Flatbed Carts
Introducing flatbed carts as a rental option can streamline the moving process for your customers. Renting these carts can make it easier for tenants to transport bulky or heavy items to and from their storage units. By charging a reasonable fee for flatbed cart rentals, you not only increase your income but also enhance the value proposition of your storage facility. Click here to get more information on this from RW Rogers today.
3. Climate-Controlled Units
Consider offering climate-controlled storage units for items sensitive to temperature and humidity. This premium service can attract customers willing to pay extra for the added protection of their belongings.
4. Security and Insurance Packages
Enhance your customers' peace of mind by offering security and insurance packages. Many tenants are willing to pay extra for additional security measures and insurance coverage to safeguard their stored items. Contact SBOATI for more information about tenant and commercial insurance.
5. Online Rental Platforms
Utilize online rental platforms to broaden your reach. Make it easy for potential tenants to find and reserve units through your website, increasing your visibility and attracting new customers. Storable has a solution for you!
6. Extended Access Hours
Provide extended access hours for a premium fee. Offering flexibility in access can be particularly appealing to businesses or individuals with non-traditional schedules, creating an additional revenue stream. Contact Storable, Janus International (Noke), and PTI Security Systems to get more information on access control.
7. Referral Programs
Implement a referral program where existing tenants receive incentives for referring new customers. Word-of-mouth marketing can significantly impact your facility's occupancy rates.
8. Storage Supplies
Sell packing supplies such as boxes, tape, and bubble wrap on-site. This not only serves as a convenient option for your customers but also adds incremental revenue to your business.
9. Storage Auctions
Capitalize on the popularity of storage auctions. Unclaimed or abandoned storage units can be auctioned off, turning a potential loss into a profit. Hosting regular storage auctions creates excitement among your clientele and attracts new prospects seeking unique finds. Learn more about hosting a storage auction from StorageAuctions.com.
10. Digital Marketing and Promotions
Leverage digital marketing strategies to promote special offers, discounts, or seasonal promotions. This can attract new tenants and encourage current customers to upgrade or extend their contracts. Get more information on marketing your self-storage facility from The StorageGroup and XPS Solutions.
By conducting regular internal audits and diversifying your revenue streams with these creative ideas, you can significantly boost the income of your self-storage rental business. Whether it's through value-added services, convenience offerings, or targeted marketing, these strategies can contribute to a more financially robust and successful storage facility.
Learn more from the experts! Watch this episode of Self-Storage Unlocked: Getting Ready for 2024
